The Irish standard., 1887-07-30
LONDON BUSINESS WAYS.
Hunorously Conservative Methods That
Make Live Americans w, AIRY

Hum aorously Conservative Methods That
| Make Live Americans w, AIRY
To the American the methods of
conducting business in London seem
slow and antiquated. There is an evil
dent desire on the part OF many large
firms TO make the transaction of bust
ness difficult instead of easy. There is
An outer inquiry Office. at which YOU
must give your name to a clerk, who
often intjmates by his looks that he is
comforting Il favor by taking it: the
name is passed on to an inner office,
and you are probably told to take a
seat III the reception room, until the
principals are at liberty to see you. All
this contrasts strongly with the accessi-
bility of business men i'll America.
The greatest caution is exercised in
the opening Of new accounts Before
you can buy goods you must first either
be introduced by an old customer or
establish your responsibility or SOL
vency. II you step into a large bank
in London, and put your money on the
counter and ask tc buy a draft on New
York, Berlin or Paris, yon will be told
that they do not know you aud can
only sell dratts to their regular GUS
toners OK TO people introduced by
them. There is no question that the
money yos' offer is not coed, but they
TO not know you. l was once, years
ago, refused a draft in 3 bank in which
I had a special deposit OF money at i,l-
terest. and, notwithstanding brought
the clerk from the special deposit de-
partnent of the bank to vouch for my
identity, the draft clerk told NE: "Ah,
yes! you have a special deposit in that
department, bur special deposits arere
ceiyed from any one without introduce
lion; and really, since you have never
been introduced to the bank, YOU are
still i'll the position OF ii stranger to US,
and we can not sell you the draft -
Another banking custom that seems
strange to rs is that open checks (not
'crossed'') are paid to strangers with
ont Identification. 1t you have 81 check
payable to John Jones OF order, the
bank does not require that you be
identified as John Jones, but you pre-
sent the check. indorse your name
John Jones Oh the back, and receive
the money ia bills or gold. But most
checks ure 'crossed' and not ''opcn
checks and YOU can net get the pay
ment of a ':crossed', check by present.
ing it personally AT the bank. no mat
ter how much you may be identified.
10 'cross" q check Eon draw two
parallel lines across the face OF it, and
write between them either the name of
the bank with whom the person to
whom the check is payable intends to
deposit it, or simply the terminal
words IL CO.; = any check so ''crossed'
must be deposited in I, bank Tor colEec~
ton, and presented by 4 bank mes
senger for payment. The crossing of
checks thus forms All almost absolute
safeguard against payment to the
wrong persons. Ii might be adopted
with advantage III other countries.
Some OF the London banks have de-
posts of 500, 900, 900 and $3.50, 600. COO,
but this is the total OF deposits of the
main bank i'll The City OF London,
of it's dozen or more Of branches III
:'larger Londou,' and its thirty or for
ty country branches, so thar TO COM
pare the deposits OF the largest London
banks wish those Of the largest New
York banks would hardly be fair, un-
less you added to the deposits Of the
New York banks the deposits of all
their correspondent banks. -- london
Cor. Chicago Inter Ocean.